2020 will undoubtedly go down in the annals of the Hungarian real estate market as an extraordinary year and not just because of the COVID-19 pandemic. The arrival of the pandemic in March 2020 affected the entire Hungarian real estate sector – however, it had vastly different effects on the different market actors and asset classes.


We saw a virtually instant disappearing of investor interest in retail and hospitality related assets, while logistic and industrial properties came into the focus just as quickly. The effects on office properties are yet unclear; though we have seen a substantial weakening of demand on the leasing front, office as an asset class remained the most popular investment assets with yields staying at roughly the same level as at the end of 2019. The jury is still very much out on the long-term effects of COVID-19 on office as a workplace and as an investment asset.

Despite all the challenges and uncertainty caused by COVID-19, the Hungarian commercial investment market continued to attract domestic and foreign investors. Although in our practice we saw a 20% smaller investment volume than in 2019, it is hard to judge whether this was a result of the pandemic entirely as the shortage of quality investment products most probably also played a part.

The data used in this website is not publicly available and is based on deals where DLA Piper Hungary advised the seller or the buyer in transactions where the net asset value of the property was over EUR10 million. In the course of our study we assessed the transactions from various aspects, such as asset class, acquisition structure, purchase price payment protection or limitations of liability.

We hope our study will be helpful for those who want to get a snapshot of the Hungarian commercial real estate market before making an entry decision, and for those who are regularly involved in transactions and are preparing for their next move.

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